A couple of weeks ago I was in Washington, DC speaking to hundreds of financial institutions from around the country about how they can plan to generate digital leads for loans and new accounts.
After I was finished speaking a woman, we'll call Allison, who's the VP of marketing at a mid-size financial institution, asked me, "What's the biggest digital growth challenge banks and credit unions face."
I quickly answered, "No focus. No plan. No path forward."
She nodded her head in agreement and responded, "I don't have a plan for digital growth. And I feel like I've been all over the place this year. It's just been hard for me to focus on everything we have going on."
She continued, "We launched a new website earlier this year, but it hasn't done anything for us. And our digital ads... I don't know what's working and what's not."
I told her that it's ok, she's not alone, and that things will get much better for her.
Look Back to Look Ahead
We know that more than 85% of banks and credit unions still lack a defined digital marketing plan. And because of this, it's not surprising to hear financial marketers feel frustrated, overwhelmed, and confused about what they should do next on their digital growth journey.
But it doesn't have to be that way for you.
The best way to plan for growth is to start by looking back at where you've been, where you are now, and where you want to go next.
Lack of Awareness, Acceptance, and Hope for the Future
After helping hundreds of financial professionals plan for digital growth over the years, we've discovered many times a digital growth plan is not always the best place for them to start.
Here's why: When financial marketers and their teams lack awareness of digital growth opportunities, they are not ready to make the needed changes to the way their financial institution approaches marketing.
When this happens, a financial institution has a plan that will guide them to a better future, but they fail to take action and implement the plan because they lack the courage and confidence that only comes through clarity and insight.
And so they lose hope and remain feeling stuck and frustrated.
Digital Growth Training is the Solution
Commit to getting unstuck and make forward progress on your digital growth journey. I'm confident your bank or credit union can break free from the confusion, conflict, and frustration that holds you back with the Digital Growth Jumpstart Program.
The Digital Growth Jumpstart Program is designed for financial marketers and their teams who:
- Lack a digital growth plan
- Struggle with executive support
- Feel overwhelmed thinking about digital growth
Bridge the Digital Training Gap
I recently spoke with Mike Lawson of CU Broadcast about how banks and credit unions can bridge the digital talent gap.
Our primary research has found 77% of banks and credit unions feel they lack digital marketing capability and/or capacity.
We've also started to assess marketing departments around nine areas of digital competency. The current Digital Marketing Skills Score is 61%.
This is not just a financial services problem as Capgemini recently reported:
- 90% of companies lack digital marketing skills.
- 77% consider ‘missing digital skills’ as a key hurdle to digital transformation.
- 47% of companies invest in developing digital marketing skills.
- 30% of HR teams are actively involved in skills development.
- 4% of companies ensure training is aligned with their overall digital strategy.
These challenges are rooted in the fact that Capgemini discovered companies spend no more than 20% of their training budget on digital skills.
With findings like these, it's no wonder financial marketers feel confused, frustrated, and overwhelmed by digital growth. It troubles me when I hear financial execs share their beliefs that they will find digital marketing talent from a local college.
But they are wrong, and nothing could be further from the truth as college curriculum lags greatly behind what's going on in the real world. This is why we offer the Digital Growth Jumpstart Program.
Digital Marketing Team Training for Less Than the Cost of a Conference
I understand you and your team probably already have a full schedule. That's why all I'm asking you to commit is around 3-4 hours a week to the Program for just six months.
But please know, this is NOT an online course. The Digital Growth Jumpstart Program is a transformative training and consulting program designed exclusively for banks and credit unions.
You can get expert lead digital marketing training and consulting for your entire marketing team for less than the cost of attending a conference. Because the Digital Growth Jumpstart Program is virtual, you'll save money, eliminate travel cost, and get your time back.
This article was originally published on January 3, 2018. All content © 2021 by Digital Growth Institute and may not be reproduced by any means without permission.